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More Contracts in JEC List - Analyst Blog

Jacobs Engineering Group Inc.
(
JEC
) has recently been awarded a contract from a premier real estate
development, management and investment company in the United Arab
Emirates, named Aldar. The contract entails JEC to provide project
management support services for the construction of a new retail
mall at Yas Island in Abu Dhabi.

The development of 2.53 million square feet (235,000
square meters) "Yas Mall Project," is a key landmark for the
expansion of the leisure and entertainment destination in Abu
Dhabi. Jacobs will be executing the project management support
services from its offices in Abu Dhabi. The value of the contract
is estimated at $8 million and is expected to be completed in
2014.

Under the terms of the contract, JEC will provide construction
management; design and leasing change coordination; project
controls; logistics coordination; coordination of site, project
health, safety, security and environment (HSSE) and quality; and
implementation of all associated systems, processes and procedures
on behalf of Aldar.

On the other hand, Jacobs announced receipt of a framework
contract from Gassnova SF for its "CO2 Capture Mongstad (
CCM
) Project" at the Mongstad Refinery site in Norway. Jacobs,
the sole provider of engineering and technical assistance services
for the framework contract, will be executing the project from its
office in Leiden, The Netherlands.

Jacobs will be providing engineering and technical assistance
services to support the installation of a large-scale carbon
dioxide (CO
2
) capture plant for a combined heat and power (CHP) plant at the
refinery. The work involves individual call-off contracts including
feasibility and concept studies, 3D modeling, interface
coordination, detailed engineering and construction plans, health,
safety and environmental (HSE) management and HSE engineering
activities with a site-wide noise control strategy, and cost
estimates.

The CCM Project, planned to meet Norway's rigorous standards for
health, safety and environmental management, is at an early
development stage funded by the Norwegian State and being
undertaken by a joint venture between Gassnova SF and Statoil ASA.
The contract value has not yet been disclosed.

Jacobs' worldwide ever-increasing presence is thus a splendid
indication of its strong growth trajectory in the infrastructure
market across the globe. This has also been winning investor
confidence over time and is expected to continue with such outlook
in future. The company directly competes with its peers, viz.
Fluor Corporation
(
FLR
) and
Foster Wheeler AG
(
FWLT
).

We currently hold a Neutral recommendation on the stock. Jacobs
has a Zacks #2 Rank, implying a short-term (1-3 months) Buy
rating.

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